According to a new market research report "LED Light Engine Market by Product Type (Lamps and Luminaires), Installation Type (New Installation and Retrofit Installation), End-Use Application (Indoor Lighting and Outdoor Lighting), and Geography - Forecast to 2024", is expected to be valued at USD 30.0 billion in 2019 and is anticipated to reach USD 59.5 billion by 2024 growing at a CAGR of 14.7% from 2019 to 2024. Rising demand for energy-saving lighting systems; development and modernization of infrastructure, for example, smart cities; availability of low price LEDs; the entrance of LEDs as light sources in general lighting; and accelerating growth of LED technology over conventional lighting technology are key factors influencing the market growth of LED light engines.
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“Market in APAC to hold a significant share during forecast period”
The increased construction activities in APAC are contributing significantly to the growth of the LED light engine market in the region. There are several new opportunities for energy-efficient lighting in the next few years as about 200 million homes are expected to be constructed in China and 18 million homes in India. Countries, such as China, Japan, and India are also impacting the market significantly in APAC. However, the factors supporting the growth in the region are the rise in initiatives by governments of the countries in the region, encouraging the population to use LED lightings. Such efforts are anticipated to boost the light engine market in the APAC region. Nevertheless, the rise in population in China, coupled with the adoption of LEDs, is likely to play a major role in the market growth. China is already the largest producer and consumer of lighting fixtures and lamps in the world.
Key Market Players
The LED light engine market is currently dominated by Signify Lighting NV (Netherlands), OSRAM Licht AG (Germany), GE lighting (US), Cree, Inc. (US), Hubbell Inc. (US), Zumtobel Group AG (Austria), Wipro Enterprises (P) Ltd. (India), Samsung Electronics (South Korea), LG Innotek (South Korea), Legrand SA (France), Glamox AS (Norway), Lutron Electronics Co., Inc. (US), among others. A few of the major strategies adopted by these players to compete in the market, include product launches & developments, partnerships, and mergers & acquisitions.
Other players operating in the market are LEDVANCE GmbH (Germany), Acuity Brands, Inc. (US), Seoul Semiconductors (South Korea), TRILUX Lighting (Germany), LUMITECH (Austria), SDA Lighting (US), AB Fagerhult (Sweden), Gerard Lighting (Australia), Helvar (Finland), LEDRAbrands (US), and Halla, a.s. (Czech Republic). These players have adopted several strategies, such as product developments & launches, mergers & acquisitions, and partnerships and collaborations to grow in the LED light engine market.
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